Change and the ‘new normal’ have been the buzz words recently. But what does that really mean for your business? During this period, the majority of us have had to change many things in our day-to-day life, like working from home, our work routine or even when we go to the shops. However, due to the situation most of these changes have not been made out of choice.
Everyone is different when it comes to dealing with change, some may find it easier than others to adapt quickly and others may find it harder. One thing to note, despite the challenges, change can be a very positive thing.
The pandemic has given some businesses the opportunity they needed to really take a look at how they run their business, the services & products they offer, their people and culture and their systems and processes. So let’s take real advantage of this opportunity and make the most of it!
Back in late February/early March, we started to see the impact COVID-19 was going to have on the UK economy as well as worldwide. As the UK has started to slide into recession, some businesses had a stark realisation regarding their finances and cashflow. This stark realisation wasn’t based on “how am I going to finance the next few months?” or “I’ll be lucky to breakeven next month” it was scarier than that.
Some businesses did not have access to up-to-date financial information to make any kind of assessment on how their business will survive the next few months. As a cloud accounting expert, I received calls from SME business owners desperate to understand their financials so they can make decisions and obtain the funding they needed to survive. With no systems in place and financials on excel spreadsheets this made it harder than it needed to be.
So what’s the solution?
I recommend taking this opportunity to assess your current finance systems and processes so you will never find yourself in the same situation again. Technology is moving really quickly, and over the last couple of years there have been some significant improvements, particularly in online software and the use of artificial intelligence to make the user’s life easier.
We can take advantage of these developments and have an accounting system that is easy to use, up-to-date, and saves you time – and is also in the cloud so can be accessed from anywhere. There are lots of ‘add ons’ that can assist you to streamline your internal processes so that you can spend more time doing what you know and love, which is running your business, in the knowledge that your finances are up to date and easily accessible.
What are the benefits of a cloud accounting system for my business?
Many businesses have regular board meetings to discuss the financials, and make decisions about the future, but do you know that by going onto the cloud there is so much more you can get out of your reporting? Perhaps you still use network based solutions for your accounts and you are not aware of the real time information that could be available to you at the touch of a button? It is incredibly powerful to have access to up to date information to make quick and informed decisions. You can look at the figures as of today, rather than the end of last month!
This is where The Smart Accountants can help you. By working with leading software and App providers daily, we are ideally placed to help transform your finance function.
Investing time and money may sound daunting, probably more so than change, but if this transformation can enhance your service offering and you can have better communication between you, your customers and suppliers, it is worth the change and could have a huge positive impact on your company.
What do I do now?
It’s time to embrace change, look at the possibilities to achieve your goals, and take some positive action to help your business thrive. The Smart Accountants can help by providing advice, guidance, and training in revolutionising your accounting system. We can also provide an outsourcing service meaning that you can delegate the finance stuff to us, and focus your attention on driving your business forward.
If the above sounds interesting, feel free to contact us so we can work with you to provide the ideal solution for your business. We can be reached via email on firstname.lastname@example.org or by telephone on 0845 606 9632.
On Tuesday 8th September, we hosted a webinar covering the most important aspects of cash flow forecasting, including how to…Read More